Section 365.040 - License denied or suspended - grounds - hearing and review1. Renewal of a license originally granted under this chapter may be denied, or a license may be suspended or revoked by the director on the following grounds: (1) Material misstatement in the application for license;(2) Willful failure to comply with any provision of this chapter relating to retail installment contracts;(3) Defrauding any retail buyer to the buyer's damage;(4) Fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the retail buyer under this chapter.2. If a licensee is a partnership, association or corporation, it shall be sufficient cause for the suspension or revocation of a license that any officer, director or trustee of a licensed association or corporation, or any member of a licensed partnership, has so acted or failed to act as would be cause for suspending or revoking a license to the party as an individual. Each licensee shall be responsible for the acts of any or all of his employees while acting as his agent, if the licensee after actual knowledge of the acts retained the benefits, proceeds, profits or advantages accruing from the acts or otherwise ratified the acts.3. No license shall be denied, suspended or revoked except after hearing thereon. The hearing and review thereof shall be conducted according to chapter 536.